{"id":545767,"date":"2023-08-04T16:00:43","date_gmt":"2023-08-04T16:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=545767"},"modified":"2024-06-11T08:11:04","modified_gmt":"2024-06-11T08:11:04","slug":"bitcoin-rebound-anytime-soon-on-chain-data-says","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rebound-anytime-soon-on-chain-data-says\/","title":{"rendered":"Will Bitcoin Rebound Anytime Soon? Here’s What On-Chain Data Says"},"content":{"rendered":"

Bitcoin has continued to struggle recently as its price is still in the low $29,000 level. Here’s what on-chain data says about if a rebound is likely or not.<\/p>\n

What Does Bitcoin On-Chain Data Say About The Asset’s Near-Term Outlook?<\/h2>\n

Bitcoin has stagnated recently as the cryptocurrency’s price has failed to keep any significant moves going. Even the latest decline in the asset has been indecisive, as the price didn’t take long to fall back to a sideways movement. Under these conditions, it’s natural that investors may be wondering when the asset might break out of this consolidation.<\/p>\n

Related Reading: Quant Explains How These Indicators Affect Ethereum Price<\/a><\/p>\n

Recent on-chain data from Santiment<\/a> sheds light on the underlying metrics related to the asset, which may contain hints about where the cryptocurrency’s price could be heading next.<\/p>\n

First, here is a chart that shows the data for two of the Bitcoin indicators that are of interest here:<\/p>\n

\"Bitcoin<\/p>\n

The trend in the active addresses and ratio of volume in profit to loss | Source: Santiment on X<\/a><\/pre>\n
As you can see in the above graph, there are two indicators of relevance here: the “daily active addresses<\/a>” and the “ratio of on-chain transaction volume in profit to loss<\/a>.”<\/p>\n
The former of these naturally keeps track of the total number of unique addresses on the Bitcoin blockchain that are taking part in some kind of transaction activity on the network.<\/p>\n
From the chart, it’s visible that this metric has observed a large spike recently, suggesting that a high number of addresses have become active. Generally, a large number of addresses making transfers on the chain implies that a high amount of users are making use of the chain right now.<\/p>\n
The current value of the metric suggests that more than a million addresses have been active recently, which is the highest that the indicator has been since the middle of April. Such an increase in utility suggests that there is a large amount of interest in the coin at the moment.<\/p>\n
Now, the other metric here measures the difference between the profit-taking and loss-taking volumes on the Bitcoin network. As is visible in the graph, this indicator has a negative value currently, which means that the majority of the selling in the market is happening at some loss.<\/p>\n
These negative levels of the metric are similar in scale to those observed back during the March plunge. Historically, bottoms in the price have become more probable to form when investors are capitulating like this, as the coins of the weak hands are picked up by the strong hands in such periods.<\/p>\n
Related Reading: Bitcoin And Crypto Alert: The Implications Of Bill Ackman\u2019s 30-Year T-Bills Short<\/a><\/div>\n
If a rebound move does arise from this capitulation<\/a>, then its timing may be ideal, as a high amount of active addresses can mean the presence of a large number of traders who can help fuel the move.<\/p>\n
Additionally, the Bitcoin millionaire and billionaire addresses have also been behind the asset recently, as they have added 27,755 BTC to their holdings since May.<\/p>\n
\"Bitcoin<\/p>\n
The value of the metric has been trending up recently | Source: Santiment on X<\/a><\/pre>\n
Based on these factors, it’s not hard to believe that a rebound in the cryptocurrency’s price might take place in the near future, although it may only be a short-term move.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,100, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has continued to move sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has continued to struggle recently as its price is still in the low $29,000 level. Here’s what on-chain data says about if a rebound is likely or not. What Does Bitcoin On-Chain Data Say About The Asset’s Near-Term Outlook? Bitcoin has stagnated recently as the cryptocurrency’s price has failed to keep any significant moves going. Even the latest decline in the asset has been indecisive, as the price didn’t take long to fall back to a sideways movement. Under these conditions, it’s natural that investors may be wondering when the asset might break out of this consolidation. Related Reading: Quant Explains How These Indicators Affect Ethereum Price Recent on-chain data from Santiment sheds light on the underlying metrics related to the asset, which may contain hints about where the cryptocurrency’s price could be heading next. First, here is a chart that shows the data for two of the Bitcoin indicators that are of interest here: The trend in the active addresses and ratio of volume in profit to loss | Source: Santiment on X As you can see in the above graph, there are two indicators of relevance here: the “daily active addresses” and the “ratio of on-chain transaction volume in profit to loss.” The former of these naturally keeps track of the total number of unique addresses on the Bitcoin blockchain that are taking part in some kind of transaction activity on the network. From the chart, it’s visible that this metric has observed a large spike recently, suggesting that a high number of addresses have become active. Generally, a large number of addresses making transfers on the chain implies that a high amount of users are making use of the chain right now. The current value of the metric suggests that more than a million addresses have been active recently, which is the highest that the indicator has been since the middle of April. Such an increase in utility suggests that there is a large amount of interest in the coin at the moment. Now, the other metric here measures the difference between the profit-taking and loss-taking volumes on the Bitcoin network. As is visible in the graph, this indicator has a negative value currently, which means that the majority of the selling in the market is happening at some loss. These negative levels of the metric are similar in scale to those observed back during the March plunge. Historically, bottoms in the price have become more probable to form when investors are capitulating like this, as the coins of the weak hands are picked up by the strong hands in such periods. Related Reading: Bitcoin And Crypto Alert: The Implications Of Bill Ackman\u2019s 30-Year T-Bills Short If a rebound move does arise from this capitulation, then its timing may be ideal, as a high amount of active addresses can mean the presence of a large number of traders who can help fuel the move. Additionally, the Bitcoin millionaire and billionaire addresses have also been behind the asset recently, as they have added 27,755 BTC to their holdings since May. The value of the metric has been trending up recently | Source: Santiment on X Based on these factors, it’s not hard to believe that a rebound in the cryptocurrency’s price might take place in the near future, although it may only be a short-term move. BTC Price At the time of writing, Bitcoin is trading around $29,100, down 1% in the last week. BTC has continued to move sideways | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":545790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87825,1119,1144],"class_list":["post-545767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rebound","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWill Bitcoin Rebound Anytime Soon? Here's What On-Chain Data Says<\/title>\n<meta name=\"description\" content=\"Bitcoin has been struggling as its price is still in the low $29,000 levels. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will Bitcoin Rebound Anytime Soon? 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